Alanco Announces $1.5 Million Line of Credit Agreement; Additional Financing to Fund Future Growth.Business Editors/High-Tech Writers SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Dec. 28, 2000 Alanco Technologies Inc. (Nasdaq: ALAN) Thursday announced that it has signed an agreement with Imperial Bank, Phoenix, for an increased $1.5 million revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. at prime plus 1.0 percent. The expanded line of credit is based upon current asset values and will be used to finance acquisitions and fund additional working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. . "The increased credit line not only provides us with greater operating and financial flexibility, but also reaffirms Imperial Bank's continuing confidence in the long-term prospects of our company," John A. Carlson, Alanco's executive vice president and chief financial officer, said in a statement. Alanco Technologies Inc., headquartered in Scottsdale, is a publicly owned Publicly owned can refer to:
(2) (Network Attached Storage) A specialized file server that connects to the network. A NAS device contains a slimmed-down operating system and a file system and processes only I/O requests by supporting the popular ) from Excel/Meridian Data; and storage upgrade solutions for legacy computer systems from Arraid. Alanco's common stock is traded on the Nasdaq stock market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbol ALAN. This press release contains statements that may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements are inherently uncertain, and the actual results may differ from management's expectations. |
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